Survey surrender characterisation determines whether mixed excess stock and business-linked cash face normal taxation or special deemed-income taxatio...
Failure to account for goods requires tax determination by treating them as supplied under statutory assessment provisions. Excess or unaccounted stock identified during a business-premises survey should therefore be assessed under those provisions rather than subjected directly to confiscation or a fine in lieu of confiscation. On that basis, confiscation proceedings and the consequential tax, penalty and fine were unsustainable, and the original order remained set aside while the revenue challenge failed.
Failure to account for goods requires tax determination by treating them as supplied under statutory assessment provisions. Excess or unaccounted stock identified during a business-premises survey should therefore be assessed under those provisions rather than subjected directly to confiscation or a fine in lieu of confiscation. On that basis, confiscation proceedings and the consequential tax, penalty and fine were unsustainable, and the original order remained set aside while the revenue challenge failed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4905 
